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In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. For example, if someone owns a car worth $9,000 and owes $3,000 on the loan used to buy the car, the difference of $6,000 is equity. Equity can apply to a single asset, such as a car or house, or to an entire business. A business that needs to start up or expand its operations can sell its equity in order to raise cash that does not have to be repaid on a set schedule.
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In finance, a convertible bond or convertible note or convertible debt is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. It originated in the mid-19th century, and was used by early speculators such as Jacob Little and Daniel Drew to counter market cornering.
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A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS). Like other private label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. Distinctively, CDO credit risk is typically assessed based on a probability of default (PD) derived from ratings on those bonds or assets.
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Apollo Global Management, Inc., is a global alternative investment manager firm. It was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan. Apollo is headquartered in New York City, with offices across North America, Europe and Asia. The company's stock is publicly traded on the NYSE under the symbol 'APO'.
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Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).
Wonga.com, also known as Wonga, is a former British payday loan firm that was founded in 2006. The company focused on offering short-term, high-cost loans to customers via online applications, and began processing its first loans in 2007. The firm operated across several countries, including the United Kingdom, Spain, Poland and South Africa; it also operated in Canada until 2016, and in Germany, Switzerland, Austria and the Netherlands through the German payments business, BillPay, between 2013 to 2017.
A dividend recapitalization in finance is a type of leveraged recapitalization in which a payment is made to shareholders. As opposed to a typical dividend which is paid regularly from the company's earnings, a dividend recapitalization occurs when a company raises debt —e.g. by issuing bonds to fund the dividend.
Corporate finance is the area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to maximize or increase shareholder value.
Social Finance, Inc. is an American online personal finance company. A mobile-first service based in San Francisco, SoFi provides a suite of financial products that includes student loan refinancing, mortgages, personal loans, credit card, investing and banking through both their mobile app and desktop interfaces.
Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting student loans. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. Navient employs 6,000 individuals at offices across the U.S. As of 2018, Navient services 25% of student loans in the United States.
References
- ↑ Debt firms snap up UK student loans for £160m by Kate McCann, cityam.com, 26 November 2013. Retrieved 29 November 2013. Archived here.
- ↑ Ageing student loans sold to debt firms BBC News, bbc.co.uk, 25 November 2013. Retrieved 29 November 2013.
- ↑ Government sells £900 million in student loans to debt collection company by Simon Read, independent.co.uk, 26 November 2013. Retrieved 29 November 2013.
- ↑ Lewis, Martin. "Money Saving Expert blog".
- ↑ "Student loan firm Erudio under fire following government sell-off". The Guardian. 20 May 2014. Retrieved 8 June 2016.
- ↑ Emma Lunn (8 April 2016). "Student loans firm Erudio leaves graduates fuming over latest error". The Guardian. Retrieved 8 June 2016.
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